Hello
Just a short web-update this week. Reviewing my inbox and the type of queries we are seeing, there is clear evidence that the government's tax policy is doing a lot to bolster the profits of professional firms.
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Hello
Just a short web-update this week. Reviewing my inbox and the type of queries we are seeing, there is clear evidence that the government's tax policy is doing a lot to bolster the profits of professional firms.
In HMRC v Peter Vaines [2016] UKUT 0002 (TCC), a partner in a law firm was disallowed tax relief on a payment made to avoid potential bankruptcy and to protect his reputation, it was not wholly and exclusively incurred for the purposes of the trade.
HMRC's Shares & Asset Valuation (SAV) is to withdraw some valuation check services. SAV says that its valuation resources are being severely stretched. It will withdraw its informal valuation check service for PAYE Health Checks and ITEPA Post Transaction Valuation Checks.
Hello
What a busy week, although a relatively quiet week for SME tax news.
MPs debated the online petition "Scrap plans forcing self employed & small business to do 4 tax returns yearly" earlier this week and the Financial Secretary to the Treasury, David Gauke provided more detail of the government's plans for digital reporting.
Hello
If you would like some lighter reading this week, look at HMRC's Top Ten Worst Excuses as used in unsuccessful appeals against late filing penalties last year.
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